Nova Prices Debt Worth $700 Million

2:18 PM MDT | October 9, 2009 | Vincent Valk

Nova has priced a private debt offering worth $700 million, the company announced today. Half of the total will be composed of 8.375% notes due 2016, while the other half will be composed of 8.625% notes due 2019. The 2016 notes have an effective yield to maturity of 8.5%, while the 2019 notes have a 8.75% effective yield to maturity. The company will use most of the proceeds from the sale to repay debt drawn from its credit facility, and the rest for general purposes. The private offering is being made to institutional buyers and will close on October...